Stock Market: Sensex Surges 582 Points, Nifty Closes Over 17,550 Day Ahead Of RBI Policy Meet

Stock update: On the Sensex, L&T was the top gainer, up nearly 4 per cent, after the firm announced it won mega orders for its hydrocarbon project. HDFC twins, Sun Pharma, ITC were the other winners

The two key equity benchmarks, Sensex and Nifty, closed in the green on Wednesday as financial services stocks surged a day ahead of the Reserve bank of India's (RBI's) key rate decision. Markets showed positivity since morning as investors showed buying spree mostly in IT, HUL, while ITC shares also lent additional support.

The S&P BSE Sensex surged 583 points (0.99 per cent) to end at 59,689. On the other hand, the Nifty50 surpassed the 17,550-mark to settle at 17,557, up 159 points (0.9 per cent).

On the 30-share Sensex platform, L&T was the top Sensex gainer today, up nearly 4 per cent, after the company announced it won mega orders for its hydrocarbon business. HDFC twins, Sun Pharma, ITC, HUL, Titan were the other winners. On the flip side, M&M, IndusInd Bank, NTPC, SBI, Maruti, Nestle were among the losers.

In the broader markets, the BSE Midcap index ended on a flat note, while Smallcap index added 1 per cent.

Among sectors, capital goods, FMCG and information technology indices rose 1-2 percent, while selling was seen in the auto, power and PSU banks.

Avalon Tech's IPO has, so far, failed to garner investors' interest as the issue got only 8 per cent subscription on day 2. It had received 2 per cent subscription on Day 1.

In the previous session on Monday, the S&P BSE Sensex closed at 59,106, up 115 points. On the other hand, the NSE Nifty ended at 17,398, up 38 points. Stock markets were closed on Tuesday on account of Mahavir Jayanti.

Global oil benchmark Brent crude futures declined 0.08 per cent to $84.87 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they bought shares worth Rs 321.93 crore, according to exchange data.

Meanwhile, the rupee gained 30 paise to close at 82.02 (provisional) against the US dollar on Wednesday, as heavy buying in domestic equities bolstered investor sentiment. Besides, foreign capital inflows and a rising risk appetite also supported the domestic unit, forex dealers said.

At the interbank foreign exchange market, the local unit opened strong at 82.08 and touched an intra-day high of 81.92 and a low of 82.20 against the greenback.

It finally settled at 82.02 (provisional), a rise of 30 paise over its previous close. In the previous session on Monday, the rupee closed at 82.32 against the dollar.